There are lots of IPOs to pick from. But that doesn't mean you should.

The U.S. initial-public-offering market is on track this year to produce the most deals since 2007. In the second quarter, 80 companies publicly began the process of registering for an IPO in the U.S., more than double the number that did so in the same period a year ago, according to accounting firm PricewaterhouseCoopers.